**Exhibit 21**

 

**KAISERGROUP HOLDINGS, INC.**9300 Lee Highway

Fairfax, VA 22031

(703) 934-3414

 

Kaiser Group Holdings, Inc.’s subsidiaries as of March 20,2006 are listed below. Subsidiaries which are less than wholly-owned areindicated by the ownership percentage figure in parentheses following the nameof the subsidiary.

 

 
| **Consolidated  Subsidiary** | ** **                            | **Jurisdiction  of Formation**                        | ** **                                 |
|------------------------------|---------------------------------------|------------------------------------------------------------|--------------------------------------------|
| ** **                   | ** **                            | ** **                                                 | ** **                                 |
| **I.**                       | **KAISER GROUP  HOLDINGS, INC.** | ** **                                                 | **Delaware**                               | ** ** |
| ** **                   | ** **                            | ** **                                                 | ** **                                 | ** ** |
| ** **                   | **II.**                               | **Kaiser Group  International, Inc.**                 | ** **                                 | **Delaware** | ** ** |
| ** **                   | ** **                            | **III. Kaiser Analytical  Management Services, Inc.** | ** **                                 | **Delaware** | ** ** |
| ** **                   | ** **                            | **III.**                                                   | **Kaiser Engineers  Group, Inc.**     | ** ** | **Delaware** | ** ** |
|                         |                                  |                                                       | IV.                                        | Kaiser  Engineers, Inc. |   | Ohio |   |
|                         |                                  |                                                       |                                       | V. | Kaiser Overseas  Engineering, Inc. |   | Delaware |   |
|                         |                                  |                                                       |                                       | V. | Kaiser Engineers  and Constructors, Inc. |   | Nevada |   |
|                         |                                  |                                                       |                                       |   | VI. | Kaiser  Engenharia, S.A. (50%) |   | Portugal |   |
|                         |                                  |                                                       |                                       | V. | Kaiser Engineers  International, Inc. |   | Nevada |   |
|                         |                                  |                                                       |                                       |   | VI. | Kaiser  Engenharia, S.A. (50%) |   | Portugal |   |
| ** **                   | ** **                            | **III.**                                                   | **Kaiser  Government Programs, Inc.** | ** ** | **Delaware** | ** ** |
|                         |                                  |                                                       | IV.                                        | Kaiser K-H  Holdings, Inc. |   | Delaware |   |
|                         |                                  |                                                       |                                       | V. | Kaiser-Hill  Company, LLC (50%) |   | Colorado |   |
|                         |                                  |                                                       |                                       |   | VI. | Kaiser-Hill  Funding Company, L.L.C. (98%) |   | Delaware |   |
|                         |                                  |                                                       |                                       | V. | Kaiser-Hill  Funding Company, L.L.C. (1%) |   | Delaware |   |
| ** **                   | ** **                            | **III.**                                                   | **Kaiser** Holdings Unlimited, Inc.   | ** ** | **Delaware** | ** ** |
|                         |                                  |                                                       | IV.                                        | Kaiser Engineers  Eastern Europe, Inc. |   | Delaware |   |
|                         |                                  |                                                       |                                       | V. | Kaiser  Netherlands B.V. (10%) |   | Netherlands |   |
|                         |                                  |                                                       | IV.                                        | Kaiser  Netherlands B.V. (90%) |   | Netherlands |   |
| ** **                   | ** **                            | **III.**                                                   | **Monument  Select Insurance Company**     | ** ** | **Vermont** | ** ** |
|                         |                                  |                                                       | IV.                                        | MSIC, Inc. |   | Delaware |   |
|                         |                                  |                                                       | IV.                                        | MS Builders  Insurance Company |   | Vermont |   |

 

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